金融如何支持中国煤电低碳转型

The report analyzes the financial needs and current tools supporting the low-carbon transition of China's coal power sector, which is estimated to require over ten trillion yuan in funding. It evaluates existing domestic transition finance catalogs and debt instruments, compares them with international standards—such as those in Singapore and ASEAN—and examines multilateral mechanisms like JETP and ETM. The document concludes with six action recommendations to improve standard systems, optimize financing mechanisms, and leverage the leadership of central enterprises to ensure a credible and just transition.

• Coal power remains critical for China's energy security, accounting for approximately 55% of total power generation and 40% of national carbon emissions in 2024. The transition of the sector is expected to generate a funding demand exceeding ten trillion yuan.
• International sustainable finance taxonomies generally maintain a cautious approach toward coal, often excluding it. However, some regions like Singapore and ASEAN provide limited support for the early and orderly retirement of coal assets, provided there are credible retirement plans and a 1:1 replacement with clean energy.
• The report proposes six action recommendations: dynamically updating transition catalogs to include orderly retirement, integrating 'just transition' social impact assessments, strengthening the role of policy-based funds as junior capital or risk buffers, innovating tools like performance-linked loans and REITs, establishing government-led multilateral cooperation platforms, and encouraging central enterprises to lead by example.

APA

金子曦, 谢文泓, 周晓竺, & 王泽明 (2026). 金融如何支持中国煤电低碳转型. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/Climate-Bonds_Financing-China%E2%80%99s-Coal-Fired-Power-Transition-Practices-and-Policy-Options_Report_CN_Feb-2026.pdf

Chicago

金子曦, 谢文泓, 周晓竺, and 王泽明. 金融如何支持中国煤电低碳转型. Climate Bonds Initiative, 2026. https://www.climatebonds.net/files/documents/publications/Climate-Bonds_Financing-China%E2%80%99s-Coal-Fired-Power-Transition-Practices-and-Policy-Options_Report_CN_Feb-2026.pdf.

Wikipedia

{{cite report |last1=金子曦 |last2=谢文泓 |last3=周晓竺 |last4=王泽明 |title=金融如何支持中国煤电低碳转型 |publisher=Climate Bonds Initiative |date=January 2026 |url=https://www.climatebonds.net/files/documents/publications/Climate-Bonds_Financing-China%E2%80%99s-Coal-Fired-Power-Transition-Practices-and-Policy-Options_Report_CN_Feb-2026.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{2026, author = {金子曦 and 谢文泓 and 周晓竺 and 王泽明}, title = {{金融如何支持中国煤电低碳转型}}, institution = {Climate Bonds Initiative}, year = {2026}, month = jan, url = {https://www.climatebonds.net/files/documents/publications/Climate-Bonds_Financing-China%E2%80%99s-Coal-Fired-Power-Transition-Practices-and-Policy-Options_Report_CN_Feb-2026.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }